[Amended 5-8-1980]
For the purposes of this article, the following words and phrases shall have the meanings respectively ascribed to them by this section:
BANK
As defined in § 58.1-1201 of the Code of Virginia.
NET CAPITAL
A bank's net capital, computed pursuant to § 58.1-1205 of the Code of Virginia.
A. 
Pursuant to the provisions of Chapter 12 of Title 58.1 of the Code of Virginia, there is hereby imposed upon each bank located within the boundaries of the Town a tax on net capital equaling 80% of the state rate of franchise tax set forth in § 58.1-1204 of the Code of Virginia.
B. 
In the event that any bank located within the boundaries of the Town is not the principal office but is a branch extension or affiliate of the principal office located outside the corporate limits, the tax upon such branch shall be apportioned as provided by § 58.1-1211 of the Code of Virginia.
A. 
On or after January 1 of each year, but not later than March 1 of any such year, all banks whose principal offices are located within the Town shall prepare and file with the Commissioner of the Revenue (or comparable local assessing officer) a return as provided by § 58.1-1207 of the Code of Virginia in duplicate, which shall set forth the tax on net capital computed pursuant to Chapter 12 of Title 58.1 of the Code of Virginia. The Commissioner of the Revenue (or comparable assessing officer) shall certify a copy of such filing of the bank's return and schedule and shall forthwith transmit such certified copy to the State Department of Taxation.
B. 
In the event that the principal office of a bank is located outside the corporate boundaries and such bank has branch offices located within the Town, in addition to the filing requirements set forth in Subsection A of this section, any bank conducting such branch business shall file with the Commissioner of the Revenue or appropriate assessing officer of the county a copy of the real estate deduction schedule, apportionment and other items which are required by §§ 58.1-1207, 58.1-1211 and 58.1-1212 of the Code of Virginia.
C. 
Each bank, on or before June 1 of each year, shall pay into the Treasurer's office (or other appropriate official) of the Town all taxes imposed pursuant to this article.
Any bank which shall fail or neglect to comply with any provision of this article shall be fined not less than $100 nor more than $500, which fine shall be recovered upon motion, after five days' notice in the Circuit Court of this locality. The motion shall be in the name of the commonwealth and shall be presented by the attorney of the commonwealth of this locality.